View Inc (VIEW) 2023 Q2 法說會逐字稿

Greetings and welcome to View, Inc.'s second-quarter 2023 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Samuel Meehan, Head of Investor Relations at View. Thank you, Samuel. You may begin.

您好，歡迎參加 View, Inc. 的 2023 年第二季度財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，View 投資者關係主管 Samuel Meehan 先生。謝謝你，塞繆爾。你可以開始了。

Good afternoon, everyone, and welcome to View's second-quarter 2023 earnings call. I'm Samuel Meehan, Head of Investor Relations at View. I'm here with Dr. Rao Mulpuri, our CEO, and Amy Reeves, our CFO.

大家下午好，歡迎參加 View 2023 年第二季度財報電話會議。我是 View 投資者關係主管 Samuel Meehan。我和我們的首席執行官 Rao Mulpuri 博士以及我們的首席財務官 Amy Reeves 一起來到這裡。

Before we begin, I'd like to remind you that after market close today, View issued a press release announcing its second-quarter 2023 financial results and supplemental materials. You may access the press release and the supplemental materials in the Investor Relations section of view.com.

在我們開始之前，我想提醒您，今天收盤後，View 發布了一份新聞稿，宣布其 2023 年第二季度財務業績和補充材料。您可以在 view.com 的投資者關係部分訪問新聞稿和補充材料。

As today's discussion includes forward-looking statements, please refer to our press release for a discussion of factors that could cause the company's actual performance to differ materially from those forward-looking statements. These forward-looking statements involve risks and uncertainties, many of which are beyond our control and could cause actual results to differ materially from our expectations.

由於今天的討論包括前瞻性陳述，請參閱我們的新聞稿，了解可能導致公司實際業績與這些前瞻性陳述存在重大差異的因素的討論。這些前瞻性陳述涉及風險和不確定性，其中許多風險和不確定性超出了我們的控制範圍，可能導致實際結果與我們的預期存在重大差異。

These forward-looking statements apply as of today, and we undertake no obligation to update these statements after our call. For a more detailed description of certain factors that could cause actual results to differ, please refer to our SEC filings, including our most recent annual report on Form 10-K and subsequent filings, including quarterly reports on Form 10-Q.

這些前瞻性陳述從今天起適用，我們不承擔在電話會議後更新這些陳述的義務。有關可能導致實際結果不同的某些因素的更詳細說明，請參閱我們向 SEC 提交的文件，包括我們最新的 10-K 表年度報告和後續文件，包括 10-Q 表季度報告。

I would also like to remind you that during the call, we will discuss certain non-GAAP measures related to View's performance. You can find the reconciliation of these measures to the nearest comparable GAAP measures in the press release. Unless otherwise stated, our comments during the call refer to non-GAAP results of operations.

我還想提醒您，在電話會議期間，我們將討論與 View 業績相關的某些非 GAAP 指標。您可以在新聞稿中找到這些指標與最接近的可比 GAAP 指標的對照表。除非另有說明，我們在電話會議中的評論均指非 GAAP 運營結果。

Now I'll turn the call over to our CEO, Dr. Rao Mulpuri. Rao, over to you.

現在我將把電話轉給我們的首席執行官 Rao Mulpuri 博士。拉奧，交給你了。

Thank you, Samuel, and thank you all for joining us this afternoon. A quick recap of the key announcements we made today. First, we had an excellent second quarter, and the results demonstrate our focused execution towards profitability. Second, we reaffirmed our full-year revenue guidance of 36% year-over-year growth at the midpoint. Third, we're forecasting to reach gross margin positive in the third quarter of 2023. This will be the first time, the company achieves a positive gross margin, which represents a critical inflection point for our business.

謝謝你，塞繆爾，也感謝大家今天下午加入我們。快速回顧一下我們今天發布的重要公告。首先，我們的第二季度表現出色，結果表明我們專注於實現盈利。其次，我們重申全年收入指引為同比增長 36%。第三，我們預計 2023 年第三季度毛利率將達到正值。這將是該公司首次實現正毛利率，這對我們的業務來說是一個關鍵的拐點。

Finally, we executed a term sheet for $150 million of financing with a lead investor. The $150 million of additional capital is expected to enable the company to get to free positive cash flow with our current strategy.

最後，我們與主要投資者簽署了 1.5 億美元融資的條款清單。 1.5 億美元的額外資本預計將使公司能夠按照我們當前的戰略獲得自由的正現金流。

Let's spend a minute and talk about our mission. For the last 15 years, we've been hard at work at View to build a full stack products that transform societal infrastructure for the better. While many of us recognize the long-term impacts of climate change, society is now waking up to the harsh realities of the acute short-term effects that are impacting everyone right now. Just in the last few months, we witnessed wildfires, warming, oceans, floods, and extreme heat events that impacted large populations.

讓我們花一點時間談談我們的使命。在過去 15 年裡，我們 View 一直在努力構建全棧產品，使社會基礎設施變得更好。雖然我們許多人都認識到氣候變化的長期影響，但社會現在正在意識到目前正在影響每個人的嚴重短期影響的嚴酷現實。就在過去幾個月，我們目睹了影響大量人口的野火、變暖、海洋、洪水和極端高溫事件。

Many of these large communities are unprepared for this new reality. The world needs urgent solutions to address these issues while also providing better quality of life for future generations. It is this mission that gets me and everyone at View fired up to fight the fight every single day in order to bring our technology to scale and make the world a better place.

許多大型社區都沒有為這一新現實做好準備。世界需要緊急解決方案來解決這些問題，同時為子孫後代提供更好的生活質量。正是這一使命讓我和 View 的每個人每天都充滿鬥志，為擴大我們的技術規模並讓世界變得更美好而奮鬥。

Now let's discuss the second quarter in more detail. We recorded revenue growth of 72% year over year. As I've mentioned in the last call, we completed our pivot from majority of our business in office to majority multi-family residential sector, a sector that has been more resilient in the current cycle compared to commercial real estate. In addition, the tax credit has provided tailwinds for our expansion in this vertical.

現在讓我們更詳細地討論第二季度。我們的收入同比增長 72%。正如我在上次電話會議中提到的，我們完成了從大部分辦公室業務到大部分多戶住宅領域的轉型，與商業房地產相比，該領域在當前週期中更具彈性。此外，稅收抵免為我們在這一垂直領域的擴張提供了動力。

We are in the early stages of executing several multi-family projects with key platform accounts, and that gives us the line of sight these projects will help drive our top-line growth throughout the remainder of the year. With that visibility into Q3 and Q4, we have the confidence to reaffirm our revenue guidance for the full year.

我們正處於執行多個具有關鍵平台客戶的多戶項目的早期階段，這讓我們相信這些項目將有助於推動我們在今年剩餘時間內的收入增長。有了對第三季度和第四季度的了解，我們有信心重申全年的收入指引。

On our earnings call, we detailed the actions we took to reduce our fixed cost structure. The second quarter is an important proof point that these efforts are paying off. Our gross margin improved significantly from minus 140% in Q2 of 2022 to minus [48%] in Q2 of 2023. Total operating expenses improved 48% year over year and reflects a more efficient go-to-market strategy, lower G&A spend, and lower R&D spend following the release of our mainstream Gen4 product and our multi-family offering.

在我們的財報電話會議上，我們詳細介紹了為降低固定成本結構而採取的行動。第二季度是這些努力取得成效的重要證明。我們的毛利率從2022 年第二季度的負140% 顯著提高到2023 年第二季度的負[48%]。總運營費用同比提高48%，反映出更高效的上市策略、更低的一般管理費用以及在我們的主流 Gen4 產品和多系列產品發布後，研發支出降低。

I have been quite vocal on our past earnings calls about how our business model has significant leverage with scale. We built our company from the start to be ready to scale and that required a sizable manufacturing footprint and customer support operations across the country. As the business scales, there's an inflection point when those upfront investments create tailwinds, make it easier to scale efficiently, and the business recognizes the benefits of this leverage. This dynamic is common to vertically integrated hardware technology companies.

我在過去的財報電話會議上一直直言不諱地談論我們的商業模式如何在規模上具有巨大的影響力。我們從一開始就準備擴大公司規模，這需要在全國范圍內擁有相當大的製造足跡和客戶支持業務。隨著業務規模的擴大，會出現一個拐點，即這些前期投資產生順風，使其更容易有效地擴展，並且企業認識到這種槓桿的好處。這種動態對於垂直整合的硬件技術公司來說很常見。

View is now hitting that inflection point. In the second quarter, our revenues grew by $12 million year over year, and our gross loss improved by $9 million. Going forward, we expect to continue to benefit from this leverage as we grow revenues.

View 現在正達到這個拐點。第二季度，我們的收入同比增長 1200 萬美元，毛虧損減少 900 萬美元。展望未來，隨著收入的增長，我們預計將繼續受益於這種槓桿作用。

Now looking ahead to the third quarter, I'm excited to announce that we expect to be gross margin positive. This is a significant milestone for the company and a testament to the relentless focus by the View team on achieving the path to profitability. The key elements for View achieving gross margin positive are -- first, our enhanced go-to-market strategy. We've been targeting high-quality revenue opportunities with our products at the most value.

現在展望第三季度，我很高興地宣布，我們預計毛利率將為正。這是公司的一個重要里程碑，也證明了 View 團隊對實現盈利之路的不懈關注。 View 實現正毛利率的關鍵因素是——首先，我們強化的市場進入策略。我們一直致力於通過我們的產品創造最大價值的高質量收入機會。

We're also focused on serving and growing our strategic platform accounts. These are leaders in the industry that are driving transformation in real estate and believe that modern buildings should be more sustainable, experiential, healthier and more tech enabled. We're also seeing an uplift in interest from the recently enacted investment tax credit, which benefits both the customers' affordability as well as our margins. Today, ITC is enabling us to deliver View smart windows at cost parity to conventional windows and still capture a healthy margin.

我們還專注於服務和發展我們的戰略平台客戶。這些行業領導者正在推動房地產轉型，並相信現代建築應該更加可持續、更具體驗性、更健康、更科技化。我們還看到最近頒布的投資稅收抵免帶來的興趣有所增加，這對客戶的負擔能力和我們的利潤都有好處。如今，ITC 使我們能夠以與傳統窗戶相同的成本提供 View 智能窗戶，並且仍然獲得可觀的利潤。

The second critical driver of gross margin comes from lower fixed costs, which enable a lower revenue breakeven point. This includes a more efficient operation at the factory and reductions in overhead. The factory team has worked tirelessly to perfect our manufacturing process over the past 10 years, and today our factory is delivering well on large projects across the country. It is important to note that we expect to get to profitability with the footprint we have in place today.

毛利率的第二個關鍵驅動因素來自較低的固定成本，這使得收入盈虧平衡點較低。這包括提高工廠運營效率和減少管理費用。過去 10 年來，工廠團隊孜孜不倦地完善我們的製造工藝，如今我們的工廠在全國各地的大型項目中表現出色。值得注意的是，我們希望憑藉目前的足跡實現盈利。

Finally, on the products, we're seeing the benefit of improved execution and lower cost due to improvements we completed over the last year. We recently completed an upgrade of View Net, our next-generation controls and network infrastructure. This work significantly reduced unit costs while improving product industrialization. We're starting to see the initial financial impact as we roll out the improved architecture on new projects.

最後，在產品上，由於我們去年完成的改進，我們看到了改進執行和降低成本的好處。我們最近完成了 View Net 的升級，這是我們的下一代控制和網絡基礎設施。這項工作顯著降低了單位成本，同時提高了產品工業化水平。當我們在新項目上推出改進的架構時，我們開始看到最初的財務影響。

We also continue to recognize cost benefits in our vertically integrated smart building platform, and we're working closely with our customers to optimize design, cost, production, and delivery of their buildings. This is a continuous learning cycle and we believe there is still room for additional value capture.

我們還繼續認識到垂直集成智能建築平台的成本效益，並且我們正在與客戶密切合作，以優化其建築的設計、成本、生產和交付。這是一個持續的學習週期，我們相信仍有獲取額外價值的空間。

To close out my prepared remarks, we've made significant progress scaling the business towards profitability. The second quarter results are proof points that the plan is working and we expect to achieve gross margin positive in the third quarter. We have significantly reduced the structural fixed costs of the business and plan on holding our fixed costs at these current levels until we achieve profitability.

作為我準備好的發言的結束語，我們在擴大業務規模以實現盈利方面取得了重大進展。第二季度的業績證明該計劃正在發揮作用，我們預計第三季度的毛利率將實現正值。我們顯著降低了業務的結構性固定成本，併計劃將固定成本保持在當前水平，直到實現盈利。

With that, I'll hand it over to Amy to cover the financials. Amy, over to you.

有了這個，我會把它交給艾米來負責財務。艾米，交給你了。

Thank you, Rao, and good afternoon, everyone. I will be covering the financial results for the second quarter of 2023. As we get started, please note that unless otherwise stated, my comments refer to non-GAAP results of operations as described by Samuel at the beginning of the call. Please refer to the non-GAAP reconciliations in our press release.

謝謝拉奧，大家下午好。我將介紹 2023 年第二季度的財務業績。在我們開始時，請注意，除非另有說明，否則我的評論指的是塞繆爾在電話會議開始時描述的非公認會計準則運營業績。請參閱我們新聞稿中的非公認會計原則調節表。

For the quarter, we reported revenue of $28 million, which represents a 72% year-over-year increase from Q2 2022, primarily due to the growth in our smart building platform product as we continue our momentum to strategically shift to this line of business. We also saw a nice year-over-year growth in our smart glass business, driven by product mix within that offering.

我們報告本季度的收入為 2800 萬美元，較 2022 年第二季度同比增長 72%，這主要是由於我們繼續戰略性轉向該業務線的勢頭，智能建築平台產品的增長。在該產品組合的推動下，我們的智能玻璃業務也實現了良好的同比增長。

Smart building platform is our fully integrated smart window platform. And given the customer reception and inherent advantages to this product offering, we expect this to be our primary product offering on a go-forward basis. Our Q2 2023 non-GAAP cost of revenues increased 6% year over year from Q2 2022, significantly less than revenue growth of 72% for the same period.

智能建築平台是我們完全集成的智能窗戶平台。考慮到客戶的接受度和該產品的固有優勢，我們預計這將成為我們未來的主要產品。我們的 2023 年第二季度非 GAAP 收入成本較 2022 年第二季度同比增長 6%，明顯低於同期 72% 的收入增長。

This leverage reflects the benefit of our lower fixed costs in the factory and the field and the favorable mix shift in our smart glass product offering. We reduced our fixed cost of revenues year over year, driven by our cost savings initiatives put in place during 2022 and the first half of 2023. These were offset by the increased cost of delivery of our smart building platform product associated with higher revenues.

這種槓桿反映了我們在工廠和現場較低的固定成本以及我們的智能玻璃產品供應中有利的組合轉變的好處。在 2022 年和 2023 年上半年實施的成本節約計劃的推動下，我們的固定收入成本逐年降低。這些成本被與收入增加相關的智能建築平台產品交付成本增加所抵消。

We are now forecasting to reach gross margin positive in the third quarter of 2023, reflecting the benefit of growing revenues over our fixed manufacturing costs, a favorable mix shift in our remaining smart glass business, lower product costs, and improved efficiencies and the delivery of our smart building platform product.

我們目前預計 2023 年第三季度的毛利率將達到正數，這反映出收入增長超過固定製造成本、我們剩餘智能玻璃業務的有利組合轉變、產品成本降低以及效率和交付提高的好處。我們的智能建築平台產品。

Turning to operating expenses, View incurred $9 million (sic - see press release, "$10 million") in non-GAAP research and development expense in Q2 2023, a decrease of 55% (sic - see press release, "54%") from Q2 2022. This decrease was primarily driven by the completion of certain R&D projects that Rao mentioned earlier, as well as the realization of cost savings initiatives we put in place in late 2022 and early 2023.

說到運營費用，View 在2023 年第二季度的非GAAP 研發費用中產生了900 萬美元（原文如此- 參見新聞稿，“1000 萬美元”），下降了55%（原文如此- 參見新聞稿， “54%”）從 2022 年第二季度開始。這一下降主要是由於 Rao 之前提到的某些研發項目的完成，以及我們在 2022 年底和 2023 年初實施的成本節約計劃的實現。

We incurred $14 million (sic - see press release, "$24 million") in non-GAAP SG&A expenses in Q2 2023, which decreased 42% compared to Q2 2022, reflecting lower spend on accounting and legal fees following the completion of our restatement in the first half of 2022, as well as lower sales and marketing expenses following our cost-saving initiatives.

2023 年第二季度，我們的非GAAP SG&A 費用為1400 萬美元（原文如此，請參閱新聞稿，“2400 萬美元”），與2022 年第二季度相比下降了42%，反映出我們在2023年第二季度完成重述後，會計和法律費用支出減少。 2022 年上半年，以及通過我們的成本節約舉措降低銷售和營銷費用。

For the second quarter of 2023, we reported an adjusted EBITDA loss of $31 million compared to $61 million in Q2 2022, reflecting the impact of higher revenues, improving gross margins, and lower operating expenses. We expect to continue to see improvement in adjusted EBITDA, led by the forecasted achievement of gross margin positive in the third quarter as we expect to hold our fixed operating cost structure at current levels until we achieve profitability as a company, this will continue to drive improvement and adjusted EBITDA as our revenues and gross margin grow.

2023 年第二季度，我們報告調整後 EBITDA 損失為 3100 萬美元，而 2022 年第二季度為 6100 萬美元，反映了收入增加、毛利率提高和運營費用降低的影響。我們預計調整後的 EBITDA 將繼續改善，預計第三季度毛利率將為正，因為我們預計將固定運營成本結構保持在當前水平，直到我們作為一家公司實現盈利，這將繼續推動隨著我們的收入和毛利率的增長，我們將改善並調整EBITDA。

Now turning to cash. Cash used in operations for the second quarter of 2023 was $47 million, a $35 million improvement compared to the second quarter of 2022 and a sequential improvement of $13 million from the first quarter of 2023. Our Q2 2023 cash used in operations included a cash use of $3 million relating to restructuring costs. We anticipate that cash burn will continue to improve in the second half of 2023 driven by leverage from higher revenues with the lower fixed cost structure following our recent costs saving initiatives.

現在轉向現金。 2023 年第二季度運營中使用的現金為4700 萬美元，比2022 年第二季度增加了3500 萬美元，比2023 年第一季度環比增加了1300 萬美元。我們2023 年第二季度運營中使用的現金包括現金使用300萬美元與重組費用有關。我們預計，在我們最近的成本節約舉措之後，由於收入增加和固定成本結構降低，現金消耗將在 2023 年下半年繼續改善。

We ended the quarter with $80 million of cash, cash equivalents and short-term investments compared to $130 million as of March 31, 2023. We believe cash on hand should be sufficient to fund our currently anticipated operating and capital requirements into but not through September 2023. In light of this cash need, and as Rao mentioned earlier on the call, we are actively pursuing a $150 million financing to support us as we progress on our path to profitability.

截至本季度末，我們的現金、現金等價物和短期投資為8000 萬美元，而截至2023 年3 月31 日為1.3 億美元。我們認為，手頭現金應足以滿足我們目前預期的運營和資本需求，但不能持續到9 月份2023 年。鑑於這種現金需求，正如 Rao 之前在電話會議中提到的那樣，我們正在積極尋求 1.5 億美元的融資，以支持我們在盈利之路上取得進展。

With that, operator, we will turn it over for questions.

這樣，接線員，我們將把它移交以供提問。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。 （操作員說明）

Thank you. Pavel Molchanov, Raymond James.

謝謝。帕維爾·莫爾恰諾夫，雷蒙德·詹姆斯。

Hi, guys. Thanks for taking the question. Let me start off with the $150 million non-binding term sheet. So first of all, can you clarify, is this a convertible or is it straight debt?

嗨，大家好。感謝您提出問題。讓我從 1.5 億美元的非約束性投資意向書開始。首先，您能否澄清一下，這是可轉換債券還是直接債務？

So, Pavel, as we announced today, it's a senior secured debt facility. And obviously, we're focused on closing that in the coming weeks. And but we continue to be open to all sources of financing, but this facility is a debt facility.

因此，帕維爾，正如我們今天宣布的那樣，這是一項高級擔保債務融資。顯然，我們的重點是在未來幾週內完成該任務。但我們繼續對所有融資來源持開放態度，但該便利是債務便利。

Understood. Okay. So good to see that revenue guidance was maintained, and as you talked about, getting to gross margin positive in Q3. Is that gross margin positive inclusive of depreciation or solely on a cash basis?

明白了。好的。很高興看到收入指導得以維持，並且正如您所說，第三季度毛利率達到正值。該毛利率是包含折舊還是僅以現金為基礎的正數？

Yeah. It includes depreciation.

是的。它包括折舊。

Okay. What drives the shift towards positive gross margin? In other words -- so revenue is going to be ramping, presumably -- some economies of scale and manufacturing but are there kind of input cost drivers, et cetera, pricing? Can you talk about that?

好的。是什麼推動毛利率向正值轉變？換句話說 - 因此收入大概會增加 - 一些規模經濟和製造業，但是否存在某種投入成本驅動因素，等等，定價？你能談談嗎？

Yeah, Pavel, as you can imagine in our business, we have many components that drive margin. And this is a major inflection point for us because when we went public, we were a little over negative 250% gross margin. And in the presentation, that's posted on our website, you'll see a progression from there to coming up to zero in this quarter.

是的，帕維爾，正如你可以想像的那樣，在我們的業務中，我們有許多因素可以提高利潤率。這對我們來說是一個重要的轉折點，因為當我們上市時，我們的毛利率略高於負 250%。在我們網站上發布的演示文稿中，您將看到本季度從那裡到零的進展。

The components are many. As you point out, one of the most important is the top line, which is not only volume but the quality of that revenue. Clearly, we're hitting -- the tax credit is helping focus on the right projects, the right scale at the right price points where it's affordable for our customers but also allows us to capture value.

組件有很多。正如您所指出的，最重要的因素之一是營收，這不僅指收入的數量，還指收入的質量。顯然，我們正在努力——稅收抵免有助於專注於正確的項目，以正確的規模、正確的價格點，讓我們的客戶能夠負擔得起，同時也讓我們能夠獲取價值。

The smart building platform is allowing us to reduce, eliminate inefficiencies in the delivery of our product. So clearly, not only how we make the components but how they're installed and how they come together without mistakes on job sites. So that helps us capture value, reduce cost.

智能建築平台使我們能夠減少、消除產品交付效率低下的情況。很明顯，不僅我們如何製造組件，還包括它們的安裝方式以及它們如何在工作現場沒有錯誤地組合在一起。這有助於我們獲取價值，降低成本。

In manufacturing. Obviously, key components like yield and throughput were firing on all cylinders, making continuous improvements. As you know, we've been doing this now for coming up 10 years. So that team has been hard at work, improving all the key metrics of a processing manufacturing operation. Overhead is significant. As you point out, depreciation is a significant number. But even beyond depreciation, we have significant fixed costs that are still very under absorbed, but we've gotten better at managing those costs.

在製造業中。顯然，產量和吞吐量等關鍵要素正在全速運轉，不斷改進。如您所知，我們在未來 10 年裡一直在這樣做。因此，該團隊一直在努力工作，改進加工製造業務的所有關鍵指標。開銷很大。正如您所指出的，折舊是一個很大的數字。但即使除了折舊之外，我們還有大量的固定成本仍然沒有被充分吸收，但我們在管理這些成本方面已經做得更好了。

And then on the product side, we've made improvements, especially to the electronics -- all the window controllers, the cabling, the connectors, the sensors, many of them follow Moore's Law. It's the industry I came from. So clearly, you're able to double the capability of these chips in short periods of time for the same cost. So we're able to source those more efficiently and pass them through -- but also, how they're installed and job sites.

然後在產品方面，我們進行了改進，特別是電子設備——所有車窗控制器、佈線、連接器、傳感器，其中許多都遵循摩爾定律。這就是我出身的行業。顯然，您可以在短時間內以相同的成本將這些芯片的功能提高一倍。因此，我們能夠更有效地獲取這些資源並傳遞它們，而且還能了解它們的安裝方式和工作地點。

And so all of those are coming together for us to achieve this point of gross margin positive, but it didn't happen in one day. If you go look at the progression over the last 10 or 12 quarters, you'll see that we've been marching towards this point. The beauty of this is at this point, I tell our team, the factory is paying its own bills. The rest of us have to pay our bills, which means continued growth in top line will enable us to now -- chopping away at the OpEx by way of the margins we generate, and that provides the path to profitability.

因此，所有這些都讓我們能夠實現毛利率為正值，但這並不是一天就能實現的。如果你看看過去 10 或 12 個季度的進展，你會發現我們一直在朝著這一點邁進。我告訴我們的團隊，此時的美妙之處在於，工廠正在支付自己的賬單。我們其他人必須支付賬單，這意味著收入的持續增長將使我們現在能夠通過我們產生的利潤來削減運營支出，從而提供盈利之路。

And so now that you've given guidance for turning gross margin positive -- I guess let me ask it this way. If you're not ready to talk about becoming EBITDA positive, what needs to happen before you can give that outlook?

既然您已經給出了將毛利率轉為正數的指導——我想讓我這樣問吧。如果您還沒有準備好談論 EBITDA 為正值，那麼在您給出這樣的前景之前需要做什麼？

Yeah. We do anticipate hitting that within the next two years. I think we've set that expectation in the past. And our gross margin positive, we're executing ahead of plan. And we're also equally managing cash burn and being thoughtful about our growth. So this is a game of making sure that we're being appropriate in our thinking around growth. But with that, our cash burn, as you know, has been cut roughly in half, and that's going to continue to go down as we ramp revenues.

是的。我們確實預計在未來兩年內實現這一目標。我認為我們過去已經設定了這樣的期望。我們的毛利率為正，我們正在提前執行計劃。我們還同樣管理現金消耗並考慮我們的增長。所以這是一個確保我們對增長的思考是適當的遊戲。但正如你所知，我們的現金消耗已經減少了大約一半，而且隨著我們收入的增加，這一數字還將繼續下降。

To answer your question that the most important antidote right now for us for burn is growth. We have the right product in place. We have the right operations in place. We're building the right customer base into the right segments.

回答你的問題，目前對我們來說最重要的解藥是增長。我們擁有合適的產品。我們有正確的操作。我們正在將正確的客戶群構建到正確的細分市場中。

And you saw in our narrative today, we moved from majority office -- where we were doing quite well in that sector, but post-pandemic, that sector is going through significant effects, but multi-family because of the shortage of housing continues to be in short supply. And there's development happening today. So it's a very resilient sector in addition to airports and other institutional business like hospitals.

你在今天的敘述中看到，我們從多數辦公室搬走了——我們在該領域做得很好，但在大流行後，該領域正在經歷重大影響，但由於住房短缺，多戶住宅繼續受到影響。供不應求。今天正在發生髮展。因此，除了機場和醫院等其他機構業務之外，這是一個非常有彈性的行業。

If our outlook now is -- and our pipeline, multi-family is our biggest area of pipeline. So we moved from majority office to majority multi-family and continued traction in that sector with the tax credit. It's going to help us get to profitability and beyond.

如果我們現在的前景是——以及我們的管道，多戶住宅是我們最大的管道領域。因此，我們從多數辦公室轉向多數多戶住宅，並通過稅收抵免繼續吸引該行業的發展。它將幫助我們實現盈利甚至超越。

And maybe just last question. The corporate cost structure with R&D and SG&A that you had in the June quarter, should we assume that stays stable going forward? Or do you anticipate room to achieve further reductions?

也許只是最後一個問題。你們在六月份季度的研發和銷售、一般管理費用的企業成本結構，我們是否應該假設未來保持穩定？或者您預計還有進一步削減的空間嗎？

Yeah, you should expect that we'd be maintaining at that level until we achieve profitability. And the reason for that is -- let's kind of break it down into the key components. On sales and marketing, we have the infrastructure in place to serve our platform accounts, and those are the accounts we're going to grow with. And so we don't need to invest more in sales and marketing.

是的，你應該期望我們會維持在這個水平，直到我們實現盈利。原因是——讓我們將其分解為關鍵組件。在銷售和營銷方面，我們擁有適當的基礎設施來為我們的平台帳戶提供服務，而這些帳戶是我們將與之一起成長的。因此我們不需要在銷售和營銷方面投入更多。

And if anything, our marketing is becoming easier because our existing completed buildings are our best marketing tools. As you know, View is a highly experiential product. All we need to do is bring a customer to a building nearby, and we now have practically buildings in all of the 20 key markets we play in North America.

如果說有什麼不同的話，那就是我們的營銷變得更加容易，因為我們現有的已竣工建築是我們最好的營銷工具。如您所知，View 是一款體驗性很強的產品。我們所需要做的就是將客戶帶到附近的建築物，現在我們在北美的 20 個主要市場幾乎都擁有建築物。

On the sales side, we have significant repeat business from existing customers. But also our existing customers are delighted and they're enthusiastic in promoting our product or helping promote the product. So sales and marketing has become quite simple, especially aided by the affordability of the tax credit.

在銷售方面，我們有大量現有客戶的回頭客業務。但我們現有的客戶也很高興，他們熱衷於推廣我們的產品或幫助推廣產品。因此，銷售和營銷變得相當簡單，尤其是在稅收抵免的可負擔性的幫助下。

In R&D, we've been through four generations of product development. A lot of that has been iterative over the last 10 plus-years in taking the learning from the customers, issues we've had in the field, product improvements. Our Gen4 product has the right colors, the right performance, the right quality. Our electronics are at the right cost and we made them easier to install as well.

在研發方面，我們已經經歷了四代產品開發。在過去的十多年裡，我們不斷迭代，從客戶那裡學習、我們在該領域遇到的問題以及產品改進。我們的 Gen4 產品具有合適的顏色、合適的性能和合適的質量。我們的電子產品成本合理，而且安裝起來也更容易。

Our software continues to improve. We're building our software, our apps and our AI, but the cost of that is relatively small. And our R&D is aimed at continuing to run our factory better. So we continue to focus on yield improvement, equipment improvement, managing our suppliers with the electronics. So, it's very focused on industrialization and getting to profitability as opposed to more feature development.

我們的軟件不斷改進。我們正在構建我們的軟件、應用程序和人工智能，但其成本相對較小。我們的研發旨在繼續更好地運營我們的工廠。因此，我們繼續專注於產量提高、設備改進、管理我們的電子供應商。因此，它非常注重工業化和盈利，而不是更多的功能開發。

And then on G&A, as you know, compared to a year ago, the biggest drop you see is related to the public company restatement that we went through with our financials. With all of that behind us, we have a significantly lower G&A as well. So when you add all those components, we've taken nearly 50% of the cost out of OpEx from a year ago, and we expect to maintain that going forward through profitability.

然後，在一般行政費用方面，如您所知，與一年前相比，您看到的最大下降與我們對財務狀況進行的上市公司重述有關。一切都過去了，我們的一般管理費用也顯著降低。因此，當你添加所有這些組件時，我們已經從一年前的運營支出中扣除了近 50% 的成本，並且我們希望通過盈利能力來維持這一趨勢。

All right. Appreciate the update.

好的。感謝更新。

Thank you. As there are no further questions at this time, I am turning the call back, Dr. Rao Mulpuri for closing comments. Please proceed, sir.

謝謝。由於目前沒有其他問題，我將回撥 Rao Mulpuri 博士的電話，以徵求結束意見。請繼續，先生。

Thank you all for joining the call today. This is an important moment for View, and I'm proud of the View's team's dedication and perseverance to get us through this point.

感謝大家今天加入電話會議。對於 View 來說，這是一個重要的時刻，我為 View 團隊的奉獻精神和毅力幫助我們渡過難關感到自豪。

Over the past 15 years, we've developed a mainstream product that is loved by our customers. We have a manufacturing process and footprint that is ready to scale. We have a sales effort that is partnered with industry-leading strategic accounts and is focused on the right verticals for growth. And we've taken the right actions as a company to achieve a more efficient cost structure at which we can build a profitable business. Our second-quarter results and third-quarter outlook demonstrate that the plan is working and we are executing well on the path to profitability.

在過去的15年裡，我們開發了深受客戶喜愛的主流產品。我們擁有可擴展的製造流程和占地面積。我們的銷售工作與行業領先的戰略客戶合作，專注於正確的垂直領域的增長。作為一家公司，我們採取了正確的行動，以實現更有效的成本結構，從而建立盈利業務。我們的第二季度業績和第三季度展望表明該計劃正在發揮作用，並且我們在盈利之路上執行得很好。

With that, I look forward to speaking with you all again in Q3 2023 earnings call. Thank you.

因此，我期待在 2023 年第三季度財報電話會議上再次與大家交談。謝謝。

Thank you. This concludes today's teleconference. Thank you for your participation. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。